One of India’s leading tyre manufacturer, CEAT, has registered a drop of 8.7 percent in its standalone net profit, which now stands at INR. 64 crore for the fourth quarter that ended on 31st March 2019. The company posted a standalone profit of INR. 77 crore in the fourth quarter of FY 2018, according to a regulatory filing by CEAT.
Moreover, net revenue from operations rose by 4.4 percent and stands at INR. 1,760 crore in Q4 2019 compared to INR. 1,686 crore in Q4 2018. During the quarter under review, EBTIDA stood at INR. 166 crore, this is down 18.2 percent when compared to INR. 203 crore during the same period last year.
CEAT closed FY19 with total consolidated revenue of INR. 6,985 crore. This about 11.2 percent higher than last year. EBITDA grew at 3.9 percent to stand at INR. 663 crore. Moreover, PAT for the year was INR. 251 crore.
Managing Director, CEAT Limited, Anant Goenka has commented on the results as well as the outlook for the business. According to him, in the past year, they have endeavoured to sustain their growth trajectory what was conceived as a muted period. The rising crude prices and production cuts by automobile makers have been felt across the auto and ancillary industry. However, CEAT continues its capacity expansions as planned with Halol’s Truck and Bus radial plant commencing operations this February.
As far as full year’s standalone performance is concerned, the tyre manufacturer registered a revenue growth of 10 percent to close the year at INR. 6,831 crore. EBITDA margin for the same period stood at 9.3 percent while profit stood at INR. 289 crore, a margin of 4.2 percent.